Here's why PayPal's Peter Thiel doesn't hire MBAs

Even though he is a billionaire and a rockstar investor, PayPal co-founder Peter Thiel still wishes he could have done some things differently.

Here's what he would have told his younger self: "Before getting swept up in the competitions that define so much of life, ask yourself whether you even want the prize on offer. In economics, Americans mythologise competition. But if you're an entrepreneur who wants to create and capture lasting value, you don't want to compete with a bunch of interchangeable businesses. You want to build a monopoly."

In his book Zero to One, Thiel says that the most effective companies like Google, don't have to deal with any competition, thus allowing them to take care of their employees and make great products.

In other words, living in a competition-driven world will likely make you a copy of your highly competitive peers. For that reason, he doesn't hire MBAs.